Chinese Web3 VC Sparks Metaverse with $10B Fund
Chinese venture capital (VC) firm GBA Capital announced a $10 billion pledge to build a Web3 fund during the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference on December 26.
Local news sources state that the GBA Capital Web3 Fund will invest in firms that emphasize virtual reality, the metaverse, and nonfungible tokens to establish Guangdong-Hong Kong-Macao as the global hub for “meta-asset capital.”
The chairman of GBA Capital, Haolong Li, announced that to raise awareness of meta-assets, this year’s conference will also “hold meta-asset global tours in Japan, Singapore, Dubai, Silicon Valley, Europe, and other places.”
China Europe International Financial Group founded GBA Capital in Hong Kong. The company maintains key alliances with financial institutions, including China’s state-owned National Engineering Laboratory and the Asia Pacific Investment Bank.
According to the company, “GBA Capital focuses on investment and incubation in the field of digital economy.” It added, “We aim to integrate the industrial clusters, capital resources, and corporate resources and policy advantages to provide comprehensive support and services to enterprises.”
Zhongrong Global, a division of GBA Capital, completed an angel investment round on May 29 at a valuation of 100 million Chinese yuan, or $14 million. Zhongrong intends to use the funds for industrial services related to artificial intelligence and Web3 project incubation.
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